As the Iran war enters its third month, global oil and gas reserves are tightening, prompting concerns about the loss of strategic stockpiles. FT energy editor Malcolm Moore and host Katie Martin discuss the market fallout on the weekly show, noting that dwindling buffers could pressure spot prices and force utilities to rethink supply contracts.

The conversation shifts to the human side of the crisis, with Moore arguing firms must invest in “lower‑value” human capital to sustain operations when physical inventories run low. He warns that companies relying on legacy workforce models may see productivity erosion, while agile firms could capture market share by redeploying talent to emerging energy projects.

Listeners are invited to explore the full analysis via the FT’s Editor’s Digest and a complimentary 30‑day trial of the Unhedged newsletter. Contact details for Robert Armstrong and Katie Martin are provided for follow‑up questions. The episode underscores that without reserve cushions, price volatility will likely intensify, demanding immediate strategic adjustments from traders and policymakers alike.